Global stock markets are struggling under the weight of a potential fourth wave of lockdowns after the Austrian government restricted movement of its entire population as caseloads continue to grow.
The result was a rotation back into the ‘stay-at-home’ trade, at least for the day, with the Nasdaq hitting an intra-day high and gaining 0.4% as tech dominated once again.
The Dow Jones fell 0.7% and the S&P 500 was down 0.1% as the threat of expanding restrictions hit the oil and manufacturing sectors.
Foot Locker runs down
Shares in Foot Locker (NYSE: FL) fell heavily, tumbling more than 10% after delivering just a 2% increase in same-store sales as supply chain issues hit its ability to ramp up sales.
That said, the company’s margins are expanding and management confirmed it was ‘ready for the holiday season’.
Intuit shares rally
Accounting and software platform Intuit (NASDAQ: INTU) gained over 10% and finished near a record after the owner of QuickBooks and Mailchimp reported a 70% increase in quarterly sales, which exceeded US$2 billion and further upgraded its outlook.
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US stock markets post mixed week
Over the week, the story was similar with the Dow falling 1.4%, the S&P 500 gaining 0.3% and the Nasdaq continuing to outperform, up 1.2%.
US stock market movers
These popular US stocks were among the biggest movers on Friday.
- Micron Technology (NASDAQ: MU) up 7.8%
- Riot Blockchain (NASDAQ: RIOT) up 7.6%
- Wayfair (NYSE: W) up 6.2%
- Upstart (NASDAQ: UPST) down 8.6%
- Okta (NASDAQ: OKTA) down 9.0%
- Farfetch (NYSE: FTCH) down 13.9%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open lower this morning. For a round-up of the latest news, check out my ASX 200 morning report.
